Investec Asset Management PTY Ltd Has $1.55 Million Stake in SunTrust Banks, Inc. (STI)
Investec Asset Management PTY Ltd grew its position in SunTrust Banks, Inc. (NYSE:STI) by 51.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,354 shares of the financial services provider’s stock after acquiring an additional 9,294 shares during the period. SunTrust Banks comprises about 0.9% of Investec Asset Management PTY Ltd’s portfolio, making the stock its 22nd largest holding. Investec Asset Management PTY Ltd’s holdings in SunTrust Banks were worth $1,546,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Guardian Life Insurance Co. of America grew its position in shares of SunTrust Banks by 1.0% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,893 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 18 shares during the period. Fiduciary Trust Co. bought a new position in shares of SunTrust Banks in the 2nd quarter valued at about $118,000. Bronfman E.L. Rothschild L.P. grew its position in shares of SunTrust Banks by 9.2% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,269 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 192 shares during the period. Independent Portfolio Consultants Inc. grew its position in shares of SunTrust Banks by 184.7% in the 2nd quarter. Independent Portfolio Consultants Inc. now owns 2,648 shares of the financial services provider’s stock valued at $150,000 after acquiring an additional 1,718 shares during the period. Finally, Huntington National Bank grew its position in shares of SunTrust Banks by 2.9% in the 2nd quarter. Huntington National Bank now owns 2,809 shares of the financial services provider’s stock valued at $159,000 after acquiring an additional 80 shares during the period. 81.19% of the stock is owned by institutional investors.
Shares of SunTrust Banks, Inc. (STI) traded up 0.16% during mid-day trading on Friday, reaching $54.83. 4,310,375 shares of the company’s stock traded hands. The firm has a 50-day moving average of $55.99 and a 200 day moving average of $56.18. The company has a market cap of $26.41 billion, a P/E ratio of 14.58 and a beta of 1.33. SunTrust Banks, Inc. has a 12-month low of $42.36 and a 12-month high of $61.69.
SunTrust Banks (NYSE:STI) last issued its earnings results on Friday, July 21st. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.05. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.29 billion. SunTrust Banks had a net margin of 20.51% and a return on equity of 8.48%. The company’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the business earned $0.94 earnings per share. Equities analysts forecast that SunTrust Banks, Inc. will post $4.05 EPS for the current year.
SunTrust Banks declared that its board has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $1.32 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Thursday, August 31st were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Tuesday, August 29th. This is a positive change from SunTrust Banks’s previous quarterly dividend of $0.26. SunTrust Banks’s dividend payout ratio (DPR) is currently 42.67%.
In other SunTrust Banks news, insider Susan S. Johnson sold 808 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $57.34, for a total transaction of $46,330.72. Following the completion of the transaction, the insider now owns 3,515 shares in the company, valued at $201,550.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by company insiders.
A number of research analysts have recently commented on STI shares. Robert W. Baird raised shares of SunTrust Banks from an “underperform” rating to a “neutral” rating and set a $52.00 price objective for the company in a research report on Monday, June 5th. Keefe, Bruyette & Woods set a $58.00 price objective on shares of SunTrust Banks and gave the company a “hold” rating in a research report on Monday, June 5th. BidaskClub raised shares of SunTrust Banks from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Instinet reissued a “neutral” rating and issued a $61.00 price objective on shares of SunTrust Banks in a research report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of SunTrust Banks in a research report on Sunday, July 23rd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. SunTrust Banks currently has an average rating of “Hold” and an average target price of $60.39.
SunTrust Banks Company Profile
SunTrust Banks, Inc is a provider of financial services. The Company’s principal subsidiary is SunTrust Bank (the Bank). The Company’s business segments include Consumer Banking and Private Wealth Management, Wholesale Banking, Mortgage Banking and Corporate Other. As of December 31, 2016, the Consumer Banking and Private Wealth Management segment consisted of three primary businesses: Consumer Banking, Consumer Lending and Private Wealth Management.
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